Make your FirstBuy at Park Central, Birmingham
Award winning property developer Crest Nicholson is offering a helping hand at its Park Central, where potential purchasers can snap up a brand new home with a deposit of just £7,250 thanks to the government’s new FirstBuy initiative*.
FirstBuy is a new scheme designed to help struggling first time buyers onto the property ladder in a way that they can afford. The initiative means that purchasers will own 100 per cent of their home for just 80 per cent of the price as Crest Nicholson and the Homes and Communities Agency offer a loan of up to 20 per cent of the full purchase price. The loan is equity free for the first five years, after which a fee of 1.75 per cent is payable. Loans must be repaid when the home is sold.
Park Central is an ideal development for first time buyers and purchasers wanting to live at the heart of Birmingham city centre. With the latest phase of the development, Lower Parkside, launched earlier this year, a range of apartment properties ideal for first time buyers are currently available offering spacious balconies and fantastic views across the scheme’s eight acres of city centre parkland.
Ruth Williams, sales manager for Park Central comments: “Living in Birmingham city centre may appear an unaffordable dream to many first time buyers but with FirstBuy, Crest Nicholson and the government are opening the door to the property market to those who are struggling to buy their first home. Park Central is ideal for young professionals, situated right in the city centre and offering fast connections across Birmingham and beyond. The park setting offers the perfect blend of town and country living and as such we expect our limited range of FirstBuy properties will not be on the market for long.”
Prices for homes available with FirstBuy at Park Central start from £116,000, a saving of £29,000 off the list price thanks to the initiative**. For those who don’t meet the FirstBuy purchaser criteria Crest Nicholson’s own EasyBuy scheme is also still available at Park Central. With EasyBuy you pay just 85 per cent of the price of your new home – a five per cent deposit and 80 per cent mortgage. The remaining 15 per cent share is covered by an equity loan to be paid back at a convenient time. This loan is interest free for the first five years, with a low interest rate fixed at just three per cent APR from the start of year six. The only requirement is that the equity loan is paid back within 10 years of the original completion date; or if you sell the property, the 15 per cent must be repaid at the property’s current open market value. Homes available with EasyBuy at Park Central currently start from £99.950.
For more information on Park Central, visit parkcentral.co.uk.
*The amount of deposit required may vary depending on the scheme rules and the lender for mortgage finance.
**Purchasers must meet the criteria set down by this government scheme to be eligible for FirstBuy, details of which are available from the Crest Nicholson sales advisor. The FirstBuy equity loan will need to be repaid when the property is sold or after 25 years i.e. up to 20 per cent of the property’s total sale price (10 per cent government contribution and 10 per cent Crest Nicholson contribution).
